Budget Breakdown: Exploring the Anticipations and Aspirations of the MassesBudget 2024: Anticipation and Expectations Surrounding India’s Financial Roadmap
The eagerly awaited annual budget announcement by the Finance Minister holds the nation in suspense every year. This time, with the Lok Sabha elections looming, there is heightened anticipation that the government might make significant announcements to appease the common man, the impoverished, farmers, and the middle class.
Finance Minister Nirmala Sitharaman’s Sixth Budget
Finance Minister Nirmala Sitharaman is set to present the budget for the sixth time, marking the end of the second term of the Modi government. The expectations are high, especially considering the impending Lok Sabha elections.
Hopes for the Middle Class
Similar to every budget, the middle class is hopeful for tax relief. Additionally, there’s optimism for an increase in exemptions under Section 80C. The government might unveil measures to bolster voter confidence.
Section 80C Limit Enhancement
There’s a widespread expectation that the government might increase the limit under Section 80C, providing the middle class with the long-awaited tax respite.
Continuation of the Old Tax Regime
In the 2023 budget, Finance Minister Nirmala Sitharaman defaulted to the new tax regime, introducing changes to the tax slabs. However, the public is voicing its desire for the government to continue the old tax regime instead of discontinuing it.
Hopes for the Poor and Farmers
The economically disadvantaged and the farming community are also pinning hopes on this pre-election budget. Speculation is rife that the Finance Minister might allocate substantial resources for these sections, possibly increasing the installment amount for PM Kisan beneficiaries.
No Major Announcements Expected
As of now, the central government has not hinted at any major announcements in this budget. With the 2024 Lok Sabha elections on the horizon, everyone is speculating about what could unfold. Despite this, Finance Minister Nirmala Sitharaman has stated that there won’t be any significant announcements in the upcoming 2024 budget.
In conclusion, the Budget 2024 holds immense significance, being the last budget before the Lok Sabha elections. While expectations are high across various segments of society, only time will reveal the contents of the finance minister’s treasure trove.